# Glossary

| **Series Token**            | A Membership Interest SPL token that represents the membership in the Series LLC and the 1:1 economic exposure to a corresponding leveraged or inverse ETF held in custody.                              |
| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Series**                  | A specific SHIFT DAO LLC Series product line tied to one underlying (e.g. the TSL2L Series tracks 2× long Tesla via Direxion TSLL).                                                                      |
| **Underlying**              | The off-chain asset or assets that a Series can hold according to its Operating Agreement (typically a leveraged or inverse ETF (e.g. Direxion TSLL).                                                    |
| **NAV**                     | Net Asset Value. The total value of the underlying asset is used to calculate the Series Token's price.                                                                                                  |
| **Daily reset / rebalance** | The end-of-day adjustment performed by the leveraged ETF issuer (e.g. Direxion) to re-target its daily leverage multiple. Performed by the ETF issuer, not by SHIFT.                                     |
| **Compounding drag**        | The divergence between a leveraged product's multi-day return and a static multiple of the underlying's cumulative move, caused by daily compounding. Most pronounced in choppy, range-bound markets.    |
| **Proof-of-Reserves (PoR)** | The verification and publication of the backing position for every Series Token in circulation. Mint operations are gated by the PoR feed.                                                               |
| **RFQ**                     | Request for a Quote. A liquidity model in which professional market makers stream live quotes that are matched to user orders at execution. SHIFT uses RFQ as the primary user-facing trading mechanism. |
| **Market maker**            | A professional liquidity provider that holds inventory of Series Tokens and quotes continuous buy and sell prices to user-facing venues like Jupiter.                                                    |
| **Mint / Burn endpoint**    | The protocol's B2B issuance and redemption endpoint, used by authorized market makers to maintain inventory. Not directly accessible to retail users.                                                    |
| **SPL token**               | The native token standard on Solana. SHIFT Series Tokens are SPL tokens.                                                                                                                                 |
| **$SHFT**                   | The future protocol token of SHIFT represents the Membership Interest in the Shift DAO and is used for governance and rewards distribution.                                                              |
| **TGE**                     | Token Generation Event. The launch event at which farm points convert to $SHFT.                                                                                                                          |
| **DAO LLC**                 | A decentralized autonomous organization registered as a limited liability company. SHIFT is a Marshall Islands DAO LLC.                                                                                  |


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